Exam 3: Recording Accounting Transactions

Presented below are several accounts from the financial statements of Byron, Inc. for the year ended December 31, 2011: Each of Byron's accounts has been assigned an identification number which you will use as answers for the transactions described below. Enter the account numbers in the blank spaces under the headings Debit and Credit to indicate the accounts debited and credited when each transaction is recorded in a general journal.

Which of the following transactions affects the liabilities for Stallion Corporation?

Which of the following is an internal event?

A list of all asset, liability, equity, revenue, expense, and dividend accounts which are used by the company is called a:

Geen's Alterations Shop began business as a corporation in 2011. Several transactions which occurred early in 2011 are described below. Record each transaction in proper journal form, excluding written explanations.

A(n) ____________________ is a list of all the accounts used that an entity uses to capture its business activities.

All of the following accounts have normal debit balances except:

Listed below are selected accounts from the financial statements of Ellison Company for the year ended December 31. In the blank spaces provided for each account, indicate what type of account it is, its normal balance, and the debit/credit rules for increasing and decreasing it. Use the following abbreviations for your answer:

Which of the following is not an external event?

During March, Connor Corporation purchased supplies for cash. The supplies will be used in April. What effect does this transaction have on the accounting equation at the time the supplies are purchased?

Bravada Enterprises Transactions for Bravada Enterprises are provided below. - Refer to the transactions that occurred at Bravada Enterprises. The journal entry to record the September 9th transaction will include a credit of $2,000 to:

A trial balance is prepared to:

The list of accounts presented below are from the accounting records of Grammerle, Inc. on September 30, 2011. Assume that each account balance is normal, and present them in proper trial balance format.

Which of the following is an internal event for a business entity?

Geen's Alterations Shop began business as a corporation in 2011. Several transactions which occurred early in 2011 are described below. Record each transaction in proper journal form, excluding written explanations.

Hesson Properties, Inc. Transactions for Hesson Properties are provided below. - Refer to the transactions that occurred at Hesson Properties. Based on these transactions, what is the journal entry to record the November 30th transaction?

Bravada Enterprises Transactions for Bravada Enterprises are provided below. -Refer to the transactions that occurred at Bravada Enterprises. The journal entry to record the September 23rd transaction will include a credit of $630 to:

Inferex Corporation The following transactions were incurred by the Inferex Corporation during June 2012. - Refer to the information presented for Inferex Corporation. Indicate the economic effects of each transaction above on the accounting equation. Use the following format for your answers. Show the dollar amounts in the appropriate columns and use a plus (+) sign to indicate an increase and a minus (-) sign to indicate a decrease.

Hesson Properties, Inc. Transactions for Hesson Properties are provided below. -Refer to the transactions that occurred at Hesson Properties. Based on these transactions, what is the journal entry to record the November 20th transaction?

Which of the following accounts is decreased by a debit entry?